Author: Rigs & Barge World
Egypt has succeeded in addressing the challenge of accumulated dues owed to investment partners in the oil and gas sector, a problem that had negatively impacted investment flows and led to a decline in oil and gas production rates, Minister of Petroleum and Mineral Resources, Karim Badawi, told attendees of an American Chamber of Commerce (AmCham) event. The country reduced investment partner arrears from $6.1 billion in June 2024 to approximately $1.3 billion, with a target to fully settle all outstanding debts by June 2026, he said. Badawi emphasized that the commitment to regular monthly payments has already bolstered investment…
The Natural Gas Vehicles Company (Cargas) converted 30,000 vehicles to run on Compressed Natural Gas (CNG) during 2025, marking a 61% increase compared to the previous year, according to Chairman and Managing Director Mohamed Ismail. At this rate, the company accounted for 41% of the total CNG market, backed by its nationwide network of 56 conversion and maintenance centres. The results were announced during the company’s ordinary general assembly meeting, which was convened to approve the fiscal year (FY) 2025 results. The meeting was attended by Karim Badawi, Minister of Petroleum and Mineral Resources, alongside leaders from the Egyptian General…
Japan is weighing an additional release of about 20 days’ worth of oil reserves as early as May as the vital Strait of Hormuz remains largely closed despite a fragile two-week ceasefire between the US and Iran, according to Reuters. Japan began releasing oil from its stockpiles on March 16 in coordination with other nations and on its own. The country is making available about 50 days’ worth of oil consumption and has asked the International Energy Agency (IEA) to consider a coordinated release of a second batch, as Reuters reported. IEA member countries agreed on March 11 to release 400 million…
Media release: Australians back accelerated energy development to strengthen fuel security | Australian Energy Producers Skip to content Source link
Expanding investment opportunities across Egypt’s geological basins was the focus of the meeting that Karim Badawi, Minister of Petroleum and Mineral Resources, held with Egypt Upstream Gateway (EUG). Badawi in particular highlighted the recent agreement between South Valley Egyptian Petroleum Holding (Ganope) and the British bp for Block (6) in the Red Sea, noting that it represents a positive boost to the ongoing bid round, which is scheduled to close in May 2026. EUG, Egypt’s National Data Repository, safeguards and manages exploration data while serving as the central platform for promoting upstream opportunities. By streamlining access to seismic and well information,…
The Egyptian Natural Gas Holding Company (EGAS) has signed a 15‑year agreement to buy the entire output of the Cypriot Aphrodite gas field, with an option to extend the deal for an additional five years, Bloomberg reported, adding that the field would start production in about six years EGAS signed the preliminary deal with the companies that operate the Aphrodite project and Cyprus’ state-run oil and gas firm, The Aphrodite partners, and Egypt also agreed on a framework to develop a gas transmission system off the Mediterranean coast, noted the news agency. Cairo and the Aphrodite partners will set up a…
Iran’s closure of the Strait of Hormuz is forcing a reassessment of the waterway’s long-term viability as a regional export route (MEES, 27 March). Policymakers are again drawing lines on maps in search of corridors and alternative routes for Middle Eastern energy supplies to international markets. Damascus, and its backers in Washington, see an opportunity for Syria to serve as a possible conduit. But geography and security considerations limit its prospects. Syrian President Ahmed al-Sharaa visited Germany and the UK this week, his first trip to both countries, where he pitched Syria’s geographical location as a “link between East and…
Senior officials from the Ministry of Petroleum and Mineral Resources (MoPMR) officials met with a delegation from the African Legal Support Facility (ALSF), an affiliate of the African Development Bank (AFDB), to discuss possible cooperation opportunities between the two sides. ALSF helps African governments negotiate complex commercial deals and manage disputes, especially in energy, infrastructure, and finance. During the meeting, they discussed strategies to strengthen the negotiation skills of the entities affiliated with the petroleum ministry. The meeting also highlighted Egypt’s successful track record in the oil and gas sector as a model for attracting investment and solidifying its role…
Egypt will add 2,500 megawatts (MW) of renewable energy to the unified national grid during 2026, strengthening the sustainability and stability of the national electricity system, according to Mahmoud Esmat, Minister of Electricity and Renewable Energy. Esmat highlighted ongoing efforts to improve production efficiency, reduce reliance on fossil fuels, and achieve a balanced energy mix, with a strategic target for renewable energy to meet at least 42% of domestic needs by 2030. The announcement was made during a meeting with President Abdel Fattah El-Sisi, Prime Minister Mostafa Madbouly, and Karim Badawi, Minister of Petroleum and Mineral Resources. During the meeting,…
QatarEnergy celebrated the landmark first LNG production from its 18mn t/y Golden Pass terminal in the US (QatarEnergy 70%, ExxonMobil 30%). The facility is QatarEnergy’s only overseas LNG asset. The startup comes at a critical time for the Qatari firm and the LNG sector more broadly, with more than 80mn t/y of Middle East capacity currently blocked from global markets by the continued closure of the Strait of Hormuz. Golden Pass can’t come close to closing the supply shortfall that has suddenly materialized, but any new source of LNG is welcome. Volumes will remain modest at first, with just one…